Did you listen to the last call? I think the last 30 seconds were the most positive. She said that they are still interested in M&A and I believe she said that that will provide the greatest value for investors. Really? They just figured that out?
Also, I had always heard and read that the March 2024 patent cliff for Darzalex FasPro applied to Europe (I could be wrong about this) but this time she said "outside US". That means royalties get cut in half on about 45% of total sales. If Helen's projections are correct and the royalty rate is now around 4%, this means Halo will lose about $100M in 2024 gradually going up to about $150M in 2026, and then about $300M when the stepped down rate includes US in 2027. Can they replace and even exceed all those lost royalties to keep growth going?
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